2.5 star ratingAverage User Rating:
2.5 star rating based on 9 reviews.

Lake Michigan Credit Union

Lake Michigan Credit Union Locations
P.O. Box 2848
Grand Rapids, MI 49501
(800) 242-9790
www.lmcu.org



Lake Michigan Credit Union is headquartered in Grand Rapids and is the 2nd largest credit union in the state of Michigan. It is also the 46th largest credit union in the nation. It was established in 1933 and as of December of 2011, it had grown to 466 employees and 183,925 members. Lake Michigan Credit Union's savings rates are 4X the national average, and it boasts a 5-star health rating.

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Updated Review of Lake Michigan Credit Union's Max Checking - 5/14/2012

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Health Savings Accounts (HSA) offer tax advantages for those who can qualify. This previous post has the details about HSA features and who can qualify. Another advantage of HSAs is that some credit u ...

Lake Michigan Credit Union Lowers Max Checking Rate From 4% To 3% (Forum) - 9/29/2011

I was applying at Lake Michigan Credit Union  for their Rewards Checking called Max Checking and on the application it showed the interest rate has been lowersed Max Checking rate from 4% to 3% effective 10/1/11.

Opening A Rewards Checking Account With LMCU (Forum) - 5/11/2011

Hi all, On Sunday I filled out the online application for a rewards checking (4% interest, 15k max) with LMCU.  I am eligible thanks to most of my immediate family living in mid-Michigan.  The application said it was "auto-approved" and I rece

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See Rates for: Checking | Savings | Money Market | CD | IRA

Lake Michigan Credit Union Checking Account Rates

ApyMinMaxProduct
3.00%-$15kMax Checking - Qualifying
1.55%$500k-Business Plus Checking Account
0.35%$25k-Investors Checking Account
0.25%--Flex Checking Account

Lake Michigan Credit Union Savings Account Rates

ApyMinMaxProduct
2.50%-$1kKids Club Savings
2.50%-$1kTeen Club Savings
2.30%$15k-Health Savings Account
1.00%--Christmas Club
0.75%--IRA Savings
0.75%--Roth IRA Shares
0.75%--SEP IRA Shares
0.25%--Savings

Lake Michigan Credit Union Money Market Rates

ApyMinMaxProduct
0.75%--Coverdell ESA Money Market
0.50%$100k-Insured Money Market
0.50%$100k-Insured Gold Money Market

Lake Michigan Credit Union CD Rates

ApyMinMaxProduct
1.70%$500-60 Month VIP CD
1.45%$500-60 Month CD
1.30%$500-48 Month VIP CD
1.05%$500-48 Month CD
1.05%$500-30 Month VIP CD
0.90%$500-36 Month VIP CD
0.80%$500-30 Month CD
0.70%$500-11 Month VIP CD
0.70%$500-24 Month VIP CD
0.70%$500-25 Month VIP CD
0.65%$500-36 Month CD
0.50%$500-17 Month VIP CD
0.50%$500-18 Month VIP CD
0.45%$500-11 Month CD
0.45%$500-24 Month CD
0.45%$500-25 Month CD
0.45%$500-14 Month VIP CD
0.45%$500-15 Month VIP CD
0.35%$500-8 Month VIP CD
0.35%$500-9 Month VIP CD
0.35%$500-10 Month VIP CD
0.35%$500-12 Month VIP CD
0.35%$500-13 Month VIP CD
0.30%$500-3 Month VIP CD
0.30%$500-5 Month VIP CD
0.30%$500-6 Month VIP CD
0.30%$500-7 Month VIP CD
0.25%$500-17 Month CD
0.25%$500-18 Month CD
0.20%$500-14 Month CD
0.20%$500-15 Month CD
0.10%$500-8 Month CD
0.10%$500-9 Month CD
0.10%$500-10 Month CD
0.10%$500-12 Month CD
0.10%$500-13 Month CD
0.05%$500-3 Month CD
0.05%$500-5 Month CD
0.05%$500-6 Month CD
0.05%$500-7 Month CD

Lake Michigan Credit Union IRA Rates

ApyMinMaxProduct
1.70%$500-60 Month VIP IRA
1.45%$500-60 Month IRA
1.30%$500-48 Month VIP IRA
1.05%$500-30 Month VIP IRA
1.05%$500-48 Month IRA
0.90%$500-36 Month VIP IRA
0.80%$500-30 Month IRA
0.70%$500-11 Month VIP IRA
0.70%$500-24 Month VIP IRA
0.70%$500-25 Month VIP IRA
0.65%$500-36 Month IRA
0.50%$500-17 Month VIP IRA
0.50%$500-18 Month VIP IRA
0.45%$500-14 Month VIP IRA
0.45%$500-15 Month VIP IRA
0.45%$500-11 Month IRA
0.45%$500-24 Month IRA
0.45%$500-25 Month IRA
0.35%$500-10 Month VIP IRA
0.35%$500-12 Month VIP IRA
0.35%$500-13 Month VIP IRA
0.35%$500-8 Month VIP IRA
0.35%$500-9 Month VIP IRA
0.30%$500-3 Month VIP IRA
0.30%$500-5 Month VIP IRA
0.30%$500-7 Month VIP IRA
0.30%$500-6 Month VIP IRA
0.25%$500-17 Month IRA
0.25%$500-18 Month IRA
0.20%$500-14 Month IRA
0.20%$500-15 Month IRA
0.10%$500-8 Month IRA
0.10%$500-9 Month IRA
0.10%$500-10 Month IRA
0.10%$500-12 Month IRA
0.10%$500-13 Month IRA
0.05%$500-6 Month IRA
0.05%$500-3 Month IRA
0.05%$500-5 Month IRA
0.05%$500-7 Month IRA

Rates updated: 5/27/2012

Data for Q4 2011


Institution Statistics


LAKE MICHIGAN
NCUA #62514
BankRate ReportView
Year Chartered1933
Employees466
Primary Regulator

Assets and Liabilities

Assets$2.42 billion
Loans$1.57 billion
Deposits$1.93 billion
Equity Capital$214.57 million
Loan Loss Allowance$8.66 million
Unbacked Noncurrent Loans$6.15 million
Real Estate Owned$8.89 million

Historic Data - December 2010

Assets$2.16 billion
Equity Capital$178.73 million
Loan Loss Allowance$8.05 million
Unbacked Noncurrent Loans$9.88 million
Real Estate Owned$6.02 million

Profit Margin - Quarterly

Net Interest Margin4.7%
Return on Assets1.53%
Return on Equity17.27%
Interest Income$89.99 million
Non-Interest Income$51.54 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio5
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2011 Lake Michigan Credit Union had $15.04 million in non-current loans and owned real-estate with $223.22 million in equity and loan loss allowances on hand to cover it. This gives Lake Michigan Credit Union a Texas Ratio of 6.74% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend4
The Texas Ratio for Lake Michigan Credit Union decreased slightly from 8.51% as of December 31, 2010 to 6.74% as of December 31, 2011, resulting in a positive change of 20.82%.This indicates that the balance sheet and financial strength for Lake Michigan Credit Union has improved slightly in recent periods.
Deposit Growth5
In the past year, Lake Michigan Credit Union has increased its total deposits by $205.32 million, resulting in 11.87% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Lake Michigan Credit Union has shown is excellent.
Capitalization3
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Lake Michigan Credit Union has $2.42 billion in assets with $223.22 million in equity, resulting in a capitalization level of 9.21%, which is average.
Write Review

A Red Flag
2 stars - mellogirl5 - Tuesday, June 21, 2011 - 1:26 PM

I've been generally satisfied with LMCU. However, one recent negative experience I feel is worth highlighting.

In order to qualify for the "4% Max Checking" - 4% monthly interest return on checking accounts of >$15,000 - one must have at least 10 monthly debit card transactions. My debit card was stolen on the 21st of the month at which point I only had 6 transactions. One rep. told me LMCU's policy was to waive that requirement in the event of a lost/stolen card due to an inability to reach the threshold number (a new card takes 7-10 days to arrive). Then, I was told this is not the case and I must still meet the 10 transaction minimum because a lost/stolen card is "not their error". My noting that a stolen card is also not my error seemed to fall on deaf ears. 

Between the inconsistency in communication on LMCU policy and the apathetic tone of the bank manager, I was sufficiently irritated to post this experience. 

12

Check Holding Is Applied With Ambiguity
3 stars - raphael2012 - Wednesday, June 1, 2011 - 10:26 AM

My business account is with Lake Michigan Credit Union.  The policy of holding checks from my customers for an ambiguous amount of time makes it difficult to avoid overdrafts as my account balance fluctuates as overdraft protection was not made available.  Sometimes the hold is for 2 days, which is acceptable or it may be up to nine days.  The amount of the check does not seem to matter.  It was explained to me that the hold time is up to the teller who is waiting on me.  What seems to be the case is that new tellers who do not recognize me will hold for longer days.  I would not recommend this credit union for small business as they seem to have policies that are not small business friendly. 

8

Excellent Service And Rates
5 stars - Anonymous - Sunday, October 17, 2010 - 8:28 AM

I have been with this bank for over 15 years and it has been my best experience in banking.  I don't live near the bank anymore but I still bank with them.  Direct deposit and online banking make it easy.  They pay the interest every month I have not had any major problems banking here.  I would recommend them to anyone.

8

Exorbitant Fees And Poor Customer Service
1 stars - glvelting - Tuesday, November 29, 2011 - 2:23 PM

I have been with this bank over 10 years and their service continues to decline while their fees continue to climb.

 

No longer a fan!  Potential customers beware!!  Their fees will rake you over the coals and their client service representatives are anything but friendly.

6

Disorganized And Mediocre Customer Survice.
2 stars - jksfhsdkjdfsk - Monday, December 26, 2011 - 11:30 AM

I moved to the Grand Rapids area and needed to transfer my accounts to a local CU.  For my auto loan, faxed documents were lost on 3 occasions cauysing the closing of the loan to take 3 weeks.  My debit card was also "lost" in the mail on their first attempt to send it.  It took over a month to receive the debit card.  Their 24x7 customer service only seems to apply to weekdays.  If you lose your online banking account info, you must call in to the call center to have it reset.  Overall I regret switching, it would have been less hassle to just drive the 2 hours round trip to do business with my old CU.  

4

ATM Issues
1 stars - superflan - Wednesday, September 28, 2011 - 3:55 PM

I am not a member of Lake Michigan CU, but they have an ATM in close proximity to my home. Before Lake Michigan took over that location, it belonged to another credit union. The previous credit union's ATM was a member of the CREDIT UNION CO-OP NETWORK. For some reason, Lake Michigan Credit Union is not. This has proved to be a major inconvenience for me, as I now have to drive out of my way every time I need to use an ATM...because none of the other co-op ATMs are anywhere near where I frequent. It's just annoying, and I'm wondering why a credit union would not be a part of the credit union co-op network. Certainly will not be joining Lake Michigan anytime soon.

4

Overall Good Experience
5 stars - lindsd33 - Sunday, March 13, 2011 - 5:37 PM

I have been with LMCU since 1998 and have been satisfied with their service.  They are sympathetic to extenuating circumstances and have been willing to waive almost all overdraft fees.

4

Poor Customer Service
1 stars - khurley1978 - Monday, March 26, 2012 - 2:51 PM

Just thought people looking for a bank would like to hear this about LMCU.  We have bought two cars and had a line of credit open through lake michigan credit union.  Recently I returned to school and we entered a debt consolidation program.  We completely paid off the car loans with never missing a payment and almost finished the line of credit when we entered the program.  It took a month for LMCU to start recieving payments and apparently they charged late fees and interest on top of this.  We were unaware until recently but every month for a year they have been charging interest and late fees on that gap and now we owe $500.00 in a back payment!  We now owe a total of $830 almost the same although they have been recieving $124 a month from the consolidation agreement.  On top of taking that they have been reporting it to credit agency every month.  They are the only one of the eight creditors we have on our consolidation program and will do nothing to stop the fees and the late reporting.  Shameless robbery of their own clients!

 

2

Overall Happy
4 stars - RunnerMom4 - Friday, January 20, 2012 - 10:15 PM

I have had an over all good exspereance with LMCU. The only complaint that I have is that I am not fond of the format that they have for thier online banking. It is a tad hard to understand.

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